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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69C. Division of Treasury |
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69C-1. Approval And Administration Of Clearing Accounts Outside The State Treasury |
1For the purposes of these rules, the following terms are defined as follows:
14(1) Clearing Account. A “clearing account” is a demand deposit account outside the State Treasury in a qualified public depository which is established under authority of the Chief Financial Officer and controlled by a state agency, board, bureau, commission, institution or department as a means of forwarding funds to the State Treasury, distributing funds to a statutorily authorized account outside the State Treasury, refunding, or transmitting funds to the Department of Revenue.
86(2) Demand Deposit Account. A “demand deposit account” is an account in a qualified public depository which can be drawn upon on demand.
109(3) State Treasury. The “State Treasury” is that office, under the Chief Financial Officer, which maintains the funds of the State of Florida and makes payment on warrants and orders of disbursement properly drawn on state funds. For the purpose of the depositing of funds, the physical location of the State Treasury is considered to include those qualified public depositories in which it maintains a demand deposit account. (It is hereby provided, however, that such definition of “State Treasury” shall not be construed as limiting or conflicting with the meaning of the said term within the context of its use in Chapter 17, F.S., or any other of the laws of the State of Florida.)
224(4) Wire Transfer. A “wire transfer” is a transfer of funds by wire services to a demand deposit account from a clearing account or any other means of delivering on a same day availability basis.
259(5) Compensating Balance. A “compensating balance” is that portion of the receipts required to remain in the clearing account for use by the qualified public depository to offset the costs of handling state funds.
293(6) Treasury Concentration Account. The “Treasury Concentration Account” is the account or system of accounts established and administered by the State Treasury for receiving revenues collected by state agencies statewide.
323(7) Account Analysis. An “account analysis” provided by the qualified public depository. It should contain the following data elements:
342Daily Average Balance
345Less Uncollected Funds
348Daily Average Collected Balance
352Required Reserves
354Average Available Balance
357Earnings on Average Available Balances
362Earnings Rate
364Charges for Account Activity:
368Unit Price
370Volume
371Cost for Period Total Charges
376Net Profit (or Loss) on Account Equals
383Earnings Minus Total Charges
387(8) Qualified Public Depository. A “qualified public depository” shall mean the qualified public depository as defined in Section 405280.02, F.S.
407Rulemaking Authority 40917.29 FS. 411Law Implemented 41317.58, 41417.65 FS. 416History–New 3-18-80, Formerly 4C-1.03, Amended 6-19-89, Formerly 4C-1.003.
